Points:
1. Market trend coincides with our yearly strategic estimation.
2. Fund holding has almost reached the summit.
3. Funds saw unprecedented redemption pressure in Q4 2009.
4. Stress of funds bonus sharing in Q1 2010 is heavier than before.
5. Book bank deposit of funds hits lowest of recent 10 quarters.
6. Initial Public Offerings might be under estimation.
7. Conclusion: As analyzed above, we hold that if we see fund capital by plus-minus method, new fund issuance will be the only plus, while fund bonus sharing and redemption are to cut capital. Viewed from quantity, new funds issuance is likely to counteract fund bonus sharing and redemption will absolutely withdraw capital. In addition, funds will moderately reduce holding, thus overall funds will doubtlessly withdraw capital from stock market and market is facing heavy pressure caused by shortage of fund capital.